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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessVIEW: Tuesday saw Natwest Markets note that....>
EGBS: VIEW: Tuesday saw Natwest Markets note that they "expect the final version
of the (EU fiscal) agreement to be close to the French-German proposal."
However, they do "recognise that it is not sufficient, in itself, to backstop
debt sustainability in periphery... backstopping debt sustainability is such a
big job that it requires the ECB in the short term." Ultimately, they note that
"for periphery, this puts most of the near-term questions about finance &
political solidarity away for the foreseeable. Front-end periphery has
outperformed recently thanks to TLTRO-iii. Whilst there is still juice left in
that trade, we think extending further down the curve should offer more upside.
We target 160bp in 10y BTP/Bund spreads and 70bp in 10y SPGB/Bund spreads. We
stay short duration. This proposal will likely see hundreds of billions of EUR
in bond issuance from the EU, with much front-loaded into next year to compete
with German paper for investors, just as the Finanzagentur starts terming out
its 2020 spending. The level of political solidarity in this proposal should
also cut the break-up premium priced into bunds, which are now the most
expensive fixed income asset in the world."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.